Local Bounti Corp 2024年度报告

FORM10-K ANNUAL REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year endedDecember31, 2024or ☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fromto Commission File Number 001-40125 LOCAL BOUNTI CORPORATION(Exact name of registrant as specified in its charter) 83-3686055 (State or Other Jurisdiction of Incorporation orOrganization) (I.R.S Employer Identification No.) 490 Foley LaneHamiltonMT59840 (Address of Principal Executive Offices, Including Zip Code) (800)640-4016 (Registrant's Telephone Number, Including Area Code) 400 W. Main St.HamiltonMT59840(Former name or former address, if changed since last report.) Name of each exchange on which registered New York Stock Exchange Securities registered pursuant to Section12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act.Yes☐No☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or 15(d) of the Act.Yes☐No☒ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject tosuch filing requirements for the past 90days.Yes☒No☐Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of RegulationS-T(§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was requiredto submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company,or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerginggrowth company" in Rule12b-2of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act.☐Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accountingfirm that prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included inthe filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act).Yes☐No☒ The aggregate market value of the voting stock held by non-affiliates of the registrant was approximately $14.9million as of June30, 2024 (thelast business day of the registrant's most recently completed second fiscal quarter) based upon the closing sale price on The New York StockExchange reported for such date. Shares of common stock held by each officer and director and by each person who may be deemed to be anaffiliate have been excluded. This determination of affiliate status is not necessarily a conclusive determination for other purposes. The number of outstanding shares of Local Bounti Corporation's common stock was10,633,947at March31, 2025. DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant's definitive Proxy Statement for the registrant's Annual Meeting of Stockholders to be held on June 11, 2025, areincorporated by reference into Part III of this Annual Report on Form 10-K. TABLE OF CONTENTS PageCautionary Note Regarding Forward-Looking Statements4Additional Information5PART I5Item 1.Business5Item1A.Risk Factors20Item 1B.Unresolved Staff Comments42Item 1C.Cybersecurity43Item 2.Properties43Item 3.Legal Proceedings44Item 4.Mine Safety Disclosures44PART II45Item5.Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities45Item 6.Reserved45Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operations46Item 7A.Quantitative and Qualitative Disclosures About Market Risk54Item 8.Financial Statements and Supplementary Data55Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure86Item 9A.Controls and P